Mace is aligning with the UK Corporate Governance code by restructuring its boardroom roles.
- The company plans to split its chair and chief executive roles to adopt best practices.
- Four non-executive directors will join the Mace board to enhance governance.
- These board changes are designed with future aspirations for stock market listing in mind.
- Mark Reynolds, the largest shareholder, highlights the importance of these governance changes in scaling globally.
Mace is taking significant steps to align itself with the UK Corporate Governance code, a benchmark for companies listed on the London Stock Exchange, by restructuring its boardroom roles. Privately held companies like Mace are not mandated to adhere to this code; however, by choosing to do so, Mace signals potential future ambitions for a stock market listing.
The boardroom changes at Mace begin with the strategic decision to split the roles of its chair and chief executive. This restructuring move is aimed at ensuring a separation of powers at the top level, which is a hallmark of good corporate governance. Accompanying this separation is the addition of four non-executive directors, which serves to broaden the board’s perspective and introduce independent oversight.
Joining the board as non-executive directors are Dame Alison Nimmo, Nina Bjornstad, Eric Hageman, and John Coghlan. Each brings a wealth of experience from various sectors. Dame Alison Nimmo, formerly the chief executive of The Crown Estate, will act as the senior independent director. Nina Bjornstad joins with experience from tech giants such as Dell, Amazon, Microsoft, and Google. Eric Hageman is currently the chief financial officer at Telia, a Swedish telecommunications company. John Coghlan, with a history in finance and logistics, rounds out the quartet after serving on the boards of several prominent companies.
These individuals have been part of Mace’s advisory board over the past 12 months, indicating a thoughtful and planned transition. Their presence on the board is expected to foster robust debate and strategic oversight, aligning Mace more closely with UK corporate governance best practices.
Further changes include leadership shifts within Mace’s consulting and contracting divisions, with Davendra Dabasia replacing Jason Millet as chief executive of Mace Consult and Andrew Jackson taking over from Gareth Lewis as chief executive of Mace Construct. This succession planning is part of a long-term strategy articulated by Mark Reynolds, the largest shareholder, highlighting Mace’s commitment to effective governance as it continues to secure major global projects.
These strategic changes underline Mace’s dedication to aligning with corporate governance best practices, bolstering its global ambitions.
